On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
Meanwhile, note a major event this week, which is above data releases. On Friday, throughout the day the heads of the global central banks are meeting at the Jackson Hole symposium in the mountains of the United States. Namely, the head of the US Federal Reserve is hosting an event, where all the policymakers of the world will meet and synchronize their plans.
GBP/USD short-term view
A continuation of the Pound's recovery against the US Dollar might encounter resistance in the 1.1900 mark, the weekly simple pivot point at 1.1921 and the 200-hour simple moving average. Higher above, note the 1.2000 mark, which had acted as support in early August.On the other hand, a decline of the currency exchange rate would look for support in the 1.1800 mark, which is strengthened by the 50 and 100-hour simple moving averages. Further below, note the 1.1717/1.1756 zone.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be trading between two zones since mid-June. The pair is respecting resistance of the 1.2270/1.2330 zone. Meanwhile, support was found in July in the 1.1760/1.1805 zone, which marks the 2022 low levels.On August 23, the support zone was pierced, which signals that new low levels could be reached.
Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Thursday, traders were bullish, as 67% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Wednesday, traders were 69% long and orders were 59% to buy.
On Thursday, traders were bullish, as 67% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Wednesday, traders were 69% long and orders were 59% to buy.